Tips to Buy the Best Health Insurance Plan in India
It is well said that health is wealth. When the health is not at our side, we suffer physically as well as financially. Even the minor treatment of 3-4 days in the private hospital is enough to wipe off your one month’s salary. Hence, make sure to remain insured, as far as health is concerned.
Many people are covered under group health insurance by their employers. However, the cover is lost as soon as you resign from the company. There may also be limitations about coverage in the group insurance policy. The family floater policy is a popular choice for many. However, you may find it difficult when more than one family members must undergo medical treatment in the same year.
If sum assured is exhausted, you have to spend at your own. Hence, an individual health insurance plan is the necessity to remain worry-free all the time. Below is the quick guide to select your best health insurance plan.
Many people think to avail health insurance plan in the old age only. However, the medical emergency can come to anyone without invitation and warnings. Any critical illness can cost you in lacs of rupees.
Moreover, when you avail health insurance policy at a young age, the premium is quite lower. At old age, it’s not only your premium increases, but there are also other issues. For example, the insurance company may deny covering your pre-existing diseases. In certain cases, there may be a waiting period of two to four years, during which you cannot claim the benefit. Before issuing an insurance policy, the company may insist on medical examination. If the medical report reveals your poor state of health, the insurance company may deny to give you medical insurance.
Hence it is a wise thought to avail your health insurance at a younger age when you are healthy. Consider the premium payment as an investment for later years.
Avail Sufficient Insurance
Sometimes, to save the premium amount, you may be tempted to consider the lower sum assured. However, the savings could turn disastrous in case of critical illness involving a huge amount of treatment cost occurs in the future. To remain underinsured is equivalent to being uninsured. Hence, it is advisable to avail health insurance plan with sufficient sum assured.
Some health insurance policies come with a clause of co-payment. It implies that a certain percentage of the medical expenses has to be paid by yourself irrespective of sum assured. For example, you have availed the health insurance policy of Rs. 10 lacs with a co-payment clause of 10% payment from your side. In case of the medical expense of Rs. 2 lacs, the insurance company will pay Rs.1.80 lacs, and balance Rs. 20,000 will be paid by yourself. Make sure that the co-payment percentage is minimum. There is no point in availing healthcare insurance that compels you to pay 50% cost of treatment.
Check what is covered and what is not
Every health insurance plan covers some diseases and excludes some disease. There may be a list of covered illness in the proposal document. Any illness outside the list will not be covered. Some insurance companies give you the list of exclusions. Any disease mentioned in the exclusion list will not be covered. Based on your medical profile, you must be careful towards the coverage of the disease. The reputed insurance company like Bajaj Finserv provides you the health insurance plan with comprehensive coverage and minimal exclusions. You can consider exploring the plan for your benefit.